S&P puts J&F Investimentos on watch

S&P said it placed the ratings on J&F Investimentos SA and on its subsidiaries, JBS SA and Eldorado Brasil Celulose SA, on CreditWatch with negative implications.

The negative watch follows the recent developments in the corruption investigations of J&F Group's major shareholders and a belief that they add risks to the group's financial flexibility and refinancing activities, especially considering the high concentration of short-term debt maturities, S&P said.

The agency said it intends to resolve the CreditWatch placement within the next 90 days once greater information is known about the companies' refinancing strategy and contingent liabilities arising from the corruption investigations.

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